S&P 500 futures fall slightly after the broader index rises for a second day: Live updates

S&P 500 futures and Nasdaq 100 futures dipped 0.19% and 0.32%, respectively. Dow Jones Industrial Average futures fell 73 points, or 0.18%.During the regular session Wednesday, the S&P 500 closed up 0.2%, while the Nasdaq Composite added 0.5%. Meanwhile, the Dow Jones Industrial Average added 15.64 points, or 0.04%.

Stocks are in a holding pattern as Wall Street awaits the latest inflation data on Friday with the release of May's personal consumption expenditures price index. Investors hope the report will show easing pricing pressures that could cement the likelihood the Fed will lower interest rates later this year.

Even with the sluggish trading activity, megacap tech names continued to outperform on Wednesday, bouncing back from a recent slide. On Wednesday, Amazon shares reached an all-time high,Still, investors are deliberating whether the artificial intelligence trade can continue to sustain markets in the back half of this year, or if the rally will need to broaden out. Strategists surveyed by CNBC Pro anticipate the S&P 500 will likely end the year not even 1% higher from current levels.

"Right now, we're in this environment where the market is sort of aligned with the Fed," Brian Levitt, global market strategist at Invesco, told CNBC'son Wednesday."And what you'll need likely is greater expectation coming into this market that the inflation story is really behind us, that the Fed can lower rates, and the soft landing happens."

Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weeklyOn the economic front, traders will also watch for the latest reading of weekly jobless claims, durable goods orders and pending home sales.S&P 500 futures dipped 0.19%, while Nasdaq 100 futures slipped 0.32%. Dow Jones Industrial Average futures fell 73 points, or 0.18%.

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